# Impact Investment Adviser LLC

> Impact Investment Adviser LLC is an SEC-registered investment advisory firm in San Francisco, CA, registered since 2009, reporting $500 million to $1 billion in regulatory assets under management in its Form ADV filing dated March 13, 2026.

- CRD: 149929
- Filed as: IMPACT INVESTMENT ADVISER LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: San Francisco, CA
- Filing period: October 2026
- Form ADV filing dated: March 13, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/149929
- AdvisorCensus page: https://advisorcensus.com/firm/impact-investment-adviser-llc-san-francisco-ca-149929

## Quick answers

**How is Impact Investment Adviser LLC compensated?**
On its Form ADV (Item 5.E, October 2026), Impact Investment Adviser LLC reports these compensation arrangements: a percentage of assets under its management; fixed fees (other than subscription fees); other. The amounts are in Item 5 of its Form ADV Part 2A brochure.

**Where is Impact Investment Adviser LLC located?**
Impact Investment Adviser LLC's principal office is in San Francisco, CA, according to its Form ADV.

**Is Impact Investment Adviser LLC registered with the SEC or a state?**
Impact Investment Adviser LLC is an SEC-registered investment advisory firm, registered since 2009. Status as filed: Approved. CRD 149929.

**How much does Impact Investment Adviser LLC manage?**
Impact Investment Adviser LLC reports $558,516,416 in regulatory assets under management in its Form ADV filing dated March 13, 2026 (100% discretionary).

**How have Impact Investment Adviser LLC's assets and staff changed since 2021?**
In the Form ADV data for Impact Investment Adviser LLC: Regulatory assets under management: $307,341,390 in the October 2021 data and $558,516,416 in the October 2026 data, up 82%. Total employees: 11 in October 2021 and 16 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Impact Investment Adviser LLC serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (5); insurance companies (5).

**Does Impact Investment Adviser LLC report any disciplinary disclosures?**
Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/149929

**What changed in Impact Investment Adviser LLC's recent Form ADV filings?**
In the April 2026 filing data: Employees performing advisory functions went from 9 to 8. Regulatory assets under management went from $741,941,129 to $558,516,416 (-25%).

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Fixed fees (other than subscription fees)
- Other

### Regulatory assets under management (Item 5.F)
- Total: $558,516,416
- Discretionary: $558,516,416
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 5 | $546,530,326 |
| Insurance companies | 5 | $11,986,090 |

### Advisory services (Item 5.G)
- Portfolio management for pooled investment vehicles (other than investment companies)
- Portfolio management for businesses (other than small businesses) or institutional clients
- Selection of other advisers (including private fund managers)

### Firm details
- Registered since: 2009 (17 years)
- Employees: 16 total, 8 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CA
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- [impactcapital.net](https://impactcapital.net)
- LinkedIn @impactcomcap

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $307,341,390 | 11 | March 29, 2021 |
| October 2022 | $417,015,588 | 11 | March 29, 2022 |
| October 2023 | $486,114,171 | 15 | March 28, 2023 |
| October 2024 | $612,182,639 | 15 | March 26, 2024 |
| October 2025 | $741,941,129 | 17 | March 27, 2025 |
| October 2026 | $558,516,416 | 16 | March 13, 2026 |

Regulatory assets under management: $307,341,390 in the October 2021 data and $558,516,416 in the October 2026 data, up 82%.
Total employees: 11 in October 2021 and 16 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 9 to 8.
- Regulatory assets under management went from $741,941,129 to $558,516,416 (-25%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Impact Investment Adviser LLC (CRD 149929): Form ADV filing data as of October 2026.